The domestic stock market plunged today, with the Nifty 50 crashing below the crucial 22,000 level. A perfect storm of anxieties - election uncertainty, relentless selling by foreign investors, lackluster corporate earnings, and spiking oil prices - clobbered investor sentiment. While the Nifty Auto index defied the carnage, roaring to a record high, most other sectoral indices drowned in the sea of red. Oil & gas, metals, and FMCG stocks bore the brunt of the selling. The expiry of weekly index options injected a shot of volatility into the market.
The benchmark Sensex tanked a hefty 1,062 points (1.45%) to settle at 72,404. The broader Nifty 50 followed suit, plummeting 345 points (1.55%) to close at 21,957.
The BSE mid-cap and small-cap indices fell even more, shedding 2.01% and 2.41% respectively. The market breadth was decidedly weak, with nearly three times as many stocks declining (2,998) compared to those advancing (843).
The India VIX, a key measure of market volatility, jumped 6.55% to 18.20, signaling that investors are buckling up for a bumpier ride ahead.
Numbers to track:
The yield on India's 10-year benchmark federal paper rose 0.01% to 7.139 compared with previous close 7.135.
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In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.5125, compared with its close of 83.5200 during the previous trading session.
MCX Gold futures for 5 June 2024 settlement lost 0.07% to Rs 71,082.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.09% to 105.64.
The United States 10-year bond yield added 0.69% to 4.514.
In the commodities market, Brent crude for July 2024 settlement gained 70 cents or 0.84% to $84.28 a barrel.
Global Markets:
European shares advanced on Thursday after the Bank of England left interest rates unchanged at 5.25% but hinted at potential cuts in the coming months. This prospect boosted investor confidence.
Asian markets closed mixed on Thursday. Investors awaited comments from Federal Reserve officials and key U.S. inflation data to be released soon. China was the lone bright spot, with markets anticipating positive trade data.
U.S. stocks ended Wednesday with a mixed performance. Investors digested signals about potential interest rate cuts and analyzed fresh earnings reports to assess the possibility of a corporate-driven economic recovery.
Stocks in Spotlight:
The Nifty Bank fell over 1% on Thursday to close below its crucial psychological support of 48,000. IndusInd Bank (down 2.69%), PNB (down 2.52%) and HDFC Bank (down 2.15%) were major losers.
The Nifty Auto index rose 0.78% to hit a record high of 22,994.55. Mahindra & Mahindra rose 1.52% to hit a record high of Rs 2,256.75.
TVS Motor Company rose 2.8% after the company reported 18% rise in standalone net profit to Rs 485 crore in Q4 FY24 from Rs 410 crore in Q4 FY23. The companys revenue from operations in the quarter ended March 2024 grew by 24% at Rs 8,169 crore against Rs 6,605 crore in the quarter ended March 2023.
Hero MotoCorp advanced 3% after the companys consolidated net profit jumped 16.13% to Rs 935.01 crore in the quarter ended March 2024 as against Rs 805.12 crore during the previous quarter ended March 2023. Sales rose 14.02% to Rs 9616.68 crore in the quarter ended March 2024 as against Rs 8434.28 crore during the previous quarter ended March 2023.
Larsen & Toubro dropped 6%. The company reported consolidated revenues at Rs 67,079 crore in Q4 March 2024, recording a y-o-y growth of 15%. The share of international revenues during the quarter was 45%. The quarterly PAT was at Rs 4,396 crore, registered a growth of 10% y-o-y basis. The board has recommended a final dividend of Rs 28 per equity share, for the approval of shareholders.
State Bank of India rose 1.14% after the largest PSU banks standalone net profit grew 23.98% to Rs 20,698.35 crore on 20.11% rise in total income to Rs 1,28,411.88 in Q4 FY24 over Q4 FY23.
Tata Power Company slipped 5.01%. The company said that its consolidated net profit increased 11% to Rs 1,046 crore in Q4 FY24 as compared with Rs 939 crore in Q4 FY23. Revenue from operations jumped 27.24% to Rs 15,846 crore during the quarter as compared with Rs 12,453.76 crore in the corresponding quarter last year.
BSE declined 3.7%. The company reported 20.63% jump in consolidated net profit to Rs 106.89 crore in Q4 FY24 as compared with Rs 88.61 crore in Q4 FY23. Revenue from operations soared to Rs 488.37 crore during the quarter as compared with Rs 227.01 crore posted in corresponding quarter last year.
SKF India rallied 7.95% after the firm reported a 42.54% jump in consolidated net profit to Rs 175.23 crore in Q4 FY24 as compared to Rs 122.92 crore in Q4 FY23. Revenue from operations stood Rs 1,203.4 crore in March 2024 quarter, up by 9.93% from Rs 1,094.69 crore in same quarter last year.
H.G. Infra Engineering declined 3.42%. The companys consolidated net profit jumped 11.17% to Rs 190.03 crore in the quarter ended March 2024 as against Rs 170.93 crore during the previous quarter ended March 2023. Net sales rose 11.26% to Rs 1708.26 crore in the quarter ended March 2024 as against Rs 1535.43 crore during the previous quarter ended March 2023.
Gujarat State Petronet (GSPL) shed 0.75%. The company reported 16.4% jump in standalone net profit to Rs 261.13 crore on 14.4% increase in revenue from operations to Rs 506.81 crore in Q4 FY24 over Q4 FY23.
IPO Update:
The initial public offer (IPO) of TBO Tek received 3,85,31,952 bids for shares as against 92,85,816 shares on offer, according to stock exchange data at 17:00 IST on Thursday (9 May 2024). The issue was subscribed 4.15 times.
The issue opened for bidding on Wednesday (8 May 2024) and it will close on Friday (10 May 2024). The price band of the IPO is fixed between Rs 875 to Rs 920 per share. An investor can bid for a minimum of 16 equity shares and in multiples thereof.
Aadhar Housing Finance's IPO received 4,39,77,618 bids for shares as against 7,00,89,373 shares on offer, according to stock exchange data at 17:00 IST on Thursday (9 May 2024). The issue was subscribed 63%.
The issue opened for bidding on Wednesday (8 May 2024) and it will close on Friday (10 May 2024). The price band of the IPO is fixed between Rs 300 to Rs 315 per share. An investor can bid for a minimum of 47 equity shares and in multiples thereof.
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